Eurozone Economy Predicted to Shrink for Next Two Years
The European Commission released a report earlier today predicting that the economy of the European Union will shrink by 1.9 percent in 2009, followed by 0.4 percent in 2010. The report went on to say that the entire European Union was facing a “deep and protracted recession”. More
British PM Brown Discusses Additional Aid for Lending Institutions
British Prime Minister Gordon Brown announced additional measures to encourage greater inter-bank lending. Included in the list of new initiatives is a plan to offer insurance to safe-guard banks from losses linked to bad debts. More
Oil Falls Below $36 a Barrel
With several U.S. corporate earnings reports to be released this week that are expected to show weakening consumer demand and increased corporate losses, investors drove down the price of oil to $35.19 a barrel. More
U.S. Mortgage Rates Near Record Lows
For those able to secure a mortgage right now, home buyers are enjoying some of the lowest rates in fifty years. Freddie Mac is currently offering a 30-year, fixed-rate well under 5 percent, and last week’s national average was 4.96 percent. More
